Bitcoin reverses earlier downside move

Much earlier today, Bitcoin fell to a fresh interim low when the price dropped to 47,078, surpassing the lows seen last week when it dropped to as low as 47,525 on Friday. The move lower came after the lead cryptocurrency failed to make any progress beyond 51k on Saturday and Sunday and had traded mostly sideways over both days. Hence the outlook on Friday, for some further downside in weekend trading was kind of correct albeit not by as much as had been anticipated. However, the rebound today has been quite dynamic and the rise to above 52k this morning has been rapid and steep. The move higher today comes despite warnings from the veteran investor and trader, Jim Rogers. Rogers insists that governments could eventually ban a wider use of Crypto as means of wider exchange and to be perfectly honest the case for that happening at some point in the future is no less strong than it has been for some while. However, the immediate market is not concerned as the move higher so far today clearly demonstrates. Bitcoin has traded to as high as 52,747 a short while ago. It is currently trading at 52,425